Milbank to take on London trainees as firm bolsters City practice
The London arm of Milbank Tweed Hadley & McCloy is to start taking on trainees as part of its strategy to grow its UK law practice. London managing partner Russell Jacobs said the firm is looking to take on one or two trainees in 2013, with this set to rise to four or five from 2014 once it starts targeting universities for recruitment efforts.
November 22, 2012 at 07:03 PM
2 minute read
The London arm of Milbank Tweed Hadley & McCloy is to start taking on trainees as part of its strategy to grow its UK law practice.
London managing partner Russell Jacobs said the firm is looking to take on one or two trainees in 2013, with this set to rise to four or five from 2014 once it starts targeting universities for recruitment efforts.
The firm will consider trainees from non-law undergraduate degrees, but all candidates must hold a first or a 2:1 from a good university.
"We've historically been very able to recruit newly qualified lawyers from good firms," said Jacobs. "You can do that in maybe a 50-lawyer office, but when you grow to 80 plus you need to start training your own lawyers."
The move is the latest demonstration of the investment Milbank is looking to make in London, with the firm recently making lateral partner hires including corporate partner Mark Stamp and projects partner Clive Ransome from Linklaters.
News of Milbank's plans comes as Gibson Dunn & Crutcher's London office also plans to launch a training programme and summer vacation scheme. The first summer scheme is set to take place in 2013, with the first trainees expected to join in 2015.
Meanwhile, New York rival Sullivan & Cromwell is preparing for its first trainee intake next year. The firm announced its plans to start a training programme in 2010, stating that it would pay four trainees a year a first-year salary of £50,000, rising to £55,000 in the second year.
The bulk of US firms operating in London now run training schemes for UK lawyers, with many, such as Skadden Arps Slate Meagher & Flom and Weil Gotshal & Manges, paying around £40,000 a year.
This is marginally higher than their UK peers, with magic circle firms paying £38,000- £39,000.
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